Unit investment trust
Investment product / From Wikipedia, the free encyclopedia
Dear Wikiwand AI, let's keep it short by simply answering these key questions:
Can you list the top facts and stats about Unit investment trust?
Summarize this article for a 10 year old
SHOW ALL QUESTIONS
For the UK fund types, see Unit trust and Investment trust.
In U.S. financial law, a unit investment trust (UIT) is an investment product offering a fixed (unmanaged) portfolio of securities having a definite life. Unlike open-end and closed-end investment companies, a UIT has no board of directors.[1] A UIT is registered with the Securities and Exchange Commission under the Investment Company Act of 1940 and is classified as an investment company.[2] UITs are assembled by a sponsor and sold through brokerage firms to investors.[3]